Cost and Managerial Accounting – Part 1

Understanding Costs for Successful Management of a Company

Created by: Chris Severson
Accounting Professor, Training Manager, and Course Developer

What Will I Learn?

• The difference between financial and managerial accounting
• The difference between costs and expenses
• The various classifications of costs
• Cost behavior and the determination of variable versus fixed costs
• How to estimate costs at expected future levels
• How to decide between making or buying parts (outsourcing)
• Cost-Volume-Profit Analysis
• Identify and understand Porter's Five Forces
• The difference between Marginal and Average Costs
• Activity Based Costing
• How to determine the break even point
• How to perform differential cost analysis
• The difference between Absorption vs Variable Costing
• The difference between Job Order and Process Costing
• The Difference Between Product and Period Costs
• How to Decide Between Selling or Processing Further
• How to Decide Whether To Accept a Special Order

Requirements

• The only requirement for this course is a desire to learn more about accounting. No specific software or textbooks are required.

Target audience

• This accounting course is for anyone who wants to learn more about accounting. This course starts at the ground level, with no assumption that you have any prior experience. If you are taking an accounting course and are having trouble understanding the topics this course is for you. If you are looking to enhance your career by understanding more about accounting, this course is for you. This course does not get into the more advanced accounting topics, though I do have other courses for this.